India expects to collect US$1.7bn in GST from online gambling in 2024
The government imposed a 28 per cent tax on online gaming in October.
India.- Indian revenue secretary Sanjay Malhotra has reported that the government expects to record Rs14,000 crore (US$1.7bn) from online gambling companies in the next fiscal year. It expects to collect approximately Rs 75bn (US$903.6m) in the current fiscal year.
The government imposed a 28 per cent tax on online gaming in October. In the October-December quarter alone, the tax generated Rs 35bn (US$421.6m), an increase over the Rs 16bn (US$192.7m) collected in the previous year.
Malhotra said an audit of the framework would take place in April, clarifying that this review does not necessarily mean a change in tax rates. He said the government’s overall GST collections have averaged Rs 1.7tn per month and were expected to average Rs 1.80tn to Rs 1.85tn from the next fiscal year.
